Financial Aid Hot Topics

Transcription

1 Financial Aid Hot Topics Year Round Pell (YRP) Changes in federal regulations effective now make Pell Grants available yearround for eligible students. The intent of this new regulation is to encourage students to accelerate completion of their academic goals. Previously, students who attended full-time fall and spring semesters had no Pell Grant eligibility remaining for summer. With year-round Pell, students may now receive additional Pell Grant funding for summer semester as long as they continue to meet the regular eligibility requirements and enroll at least half-time (6 credit hours). Receiving the additional Pell does not reduce the amount students can receive for the next academic year. Year-round Pell is the common phrase for what the HEOA calls "Two Pell Grants in an Award Year. The HEOA requires a student to receive access to a second Scheduled Award if the student: Has received 100 percent of the first Scheduled Award. Is enrolled in a program of study longer than one academic year in length. Is enrolled at least half time, for the term in which a second Scheduled Award would be paid. Is otherwise Pell Grant-eligible, based on general and program eligibility requirements. Beginning July 1, 2010, students also must be enrolled in at least one credit or clock hour that will be attributable to the student's next academic year. Year Round Pell Grant Frequently Asked Questions by Students What is "Year Round Pell tl, "Pell 2", or "Summer Pel'''? Any of these terms refer to the fact that students may now be eligible to receive Pell grant in the summer to help them pay for their classes. Since last summer, Pell Grants have been available from a 2 nd scheduled award after the Pell Grant from the 1 st scheduled award has been exhausted. New for this year(2011)!

2 To receive funding from thez nd scheduled Pell Grant award this summer, students must be enrolled at least half-time (6-8 hours) AND have completed $. (passed) at least 24 credit hours. Does this mean that if I do not complete (pass) at least 24 hours by the end of Spring I will not be able to receive funds from my Pell 2 award? Not necessarily, there are some circumstances under which a student will still be able to receive Pel! 2 for the summer, but all Pell eligible students are encouraged to keep in mind the 24 earned hour requirement when choosing enrollment for subsequent terms. What do I need to do? Be Pell eligible for 2010/11. Be seeking a degree at Macon State College. Be enrolled in six (6) or more credit hours toward your degree for the summer term. Be making Standards of Academic progress (SAP) both in completion rate and grade point average. How do I know ifi am eligible? If you received a Pell grant for this year, and you are enrolled in at least six (6) credit hours for the summer term, and you have met all of the guidelines outlined above, you are eligible to receive another Pell award based on your enrolled hours. Do I have to apply for financial aid for the following year? You do not have to apply for financial aid for the 2010/11 academic year, but it is advised that you do so. You can apply on line at What if I have money left over from this year's Pell grant? If you have funds available from this year's Pell grant, you will be awarded those funds first and then if you need additional funds, it will come from your second Pel! grant. You will be able to have funds for all the credits you need to take, if you are eligible. What if I got an F in one of my classes for the spring semester? If you did not pass academic standards for financial aid once your spring grades. are posted, you will be notified of your status. One F grade does not necessarily mean you are not eligible for aid. How many credits do I need to register for? If you have Pel! grant funds left over from this year, then you can be enrolled in

3 as few as 3 credits for the Pell grant. If you are using a new or second Pell grant, you will have to be registered for at least 6 credit hours to be awarded the grant. I graduated. Can I still get the Pell grant?. You must be degree-seeking at Macon State College to receive financial aid. Is there a limit to the amount of Pell grant I can get? Yes, federal regulations now limit Pel! grant to 18 semester hours or 900%. Each term you use a full Pell grant, it is counted as 50% of Pelt If you were enrolled for full time in fall and spring this year, you have already used 100% of your Pell grant. Now, if you take summer classes, and you are full time, you will have used another 50% of your Pell grant. If you take less than full time, say 6 credit hours it will count as 25% of your Pell grant. What is the benefit of this new law? This new regulation allows students to continue their education without an interruption for the summer term in order to finish your studies in an accelerated pace. That is the purpose of the new regulation. Students should only be taking courses that they need to graduate and need to do so in a more reasonable timeframe. What about my loans? This new regulation only affects the Pell grant program. Your loans are still divided into two major terms. If you had a full fall and spring loan, you do not have any loan money for the summer. If not, you may still apply for a loan, but please check with the financial aid office for more personalized information. HOPE Program Changes Major Provisions of HB 326 Legislation achieves the major objective of enabling the ongoing management of the HOPE Program to ensure the continued balancing of revenues and expenses. Eliminates the book and fee allowance from the HOPE Public Scholarship and the HOPE Grant. Decouples the future HOPE Public Scholarship and the HOPE Grant from being directly linked to tuition. Establishes a new method for determining the amount of the HOPE Public Scholarship and the HOPE Grant on an annual basis that will be a percentage of the previous year's benefit level.

4 Keeps the current policy of a flat amount of benefit to students in private schools. Eliminates remedial or developmental courses from HOPE Scholarship eligibility. Allows a single "second chance" for students to regain the HOPE Scholarship or the HOPE Grant after a student loses HOPE due to falling below a 3.0 GPA. Establishes a 7 year time limit for students to benefit from the HOPE Scholarship after high school. Creates a new program, the Zell Miller Scholar. Eligibility is determined for those students graduating from high school with a 3.7 or greater GPA plus having scored at least a 1,200 reading and math score on the SAT or an ACT composite score of 26.. To remain eligible, students must maintain at least a 3.3 GPA in college. Successful students will have their tuition fully paid (in public university system or technical college system schools). For students in private colleges the Zell Miller Scholar will receive the difference between what a HOPE scholarship student in a private school will receive and $4,000. The Valedictorian and Salutatorian from every high school will automatically qualify as a Zell Miller Scholar. Establishes for the first time a requirement that a HOPE Grant student must have a 3.0 GPA at the 30 semester or 45 quarter hour checkpoint to remain eligible. Establishes a new "service cancelable" provision for state funded loans used by students who teach in a public school in Georgia in the fields of science, technology, engineering or math whereby one year of loan is. canceled for every year of service. Establishes a rigor course taking requirement for eligibility for HOPE by requiring, beginning with the graduating class of 2015, that high school students must get credit for some courses in advanced math, science, foreign language, dual credit, or AP or lb. Consolidates three different lottery reserve accounts in to one with a. minimum balance of around $440 million.. Limits bonuses paid to Lottery Corporation employees and reduces the commissions paid to lottery ticket sellers

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